Instead, within the materials sector, our largest weight is CCL (TSX:CCL.B), a label printing company (as an example, it prints drug labels for the pharmaceutical industry). CCL’s management have succeeded in generating wealth for shareholders over the past few years, are good operators, and have grown the business nicely through smart strategic acquisitions at fair prices. Mr. Market has rewarded CCL for its strong execution, and the company was added to the TSX 60 in June. While CCL remains an important position, we have been trimming our stake into strength in order to manage its size within the portfolio.
From Mawer Canadian Equity Fund (Trades, Portfolio)s second quarter 2017 investment newsletter.
